Pascal Dozie, 5 Others Retire from MTN Nigeria Board

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Adedapo Adesanya Depreciation in the stock price of NASD Plc for yet another session saw the bear tighten their grip on the NASD Over-the-Counter (OTC) Securities Exchange for the third straight session on Wednesday, December 22. NASD Plc closed at N20.74 per share yesterday, 11.1 per cent or N2.30 lower than the previous session’s N23.04 per share and this weakened the unlisted securities market by 0.11 per cent. As a result, the market capitalisation of the exchange lost N680 million to close at N608.76 billion in contrast to N609.44 billion it closed at the previous session. This also affected

By Dipo Olowookere Deadline for the 2017 edition of Access Co-Development Facility (ACF) competition has been shifted to May 12 to enable more developers and entrepreneurs with renewable energy projects in Africa have access to win the $7 million prize to fund their projects. The competition is organised by Access Power, a developer, owner and operator of power projects in emerging markets. Its strategic partner for the contest is EREN RE and the programme is in its third edition. The ACF is an innovative $7 million financial support mechanism designed to provide local power project developers and originators with project

By Dipo Olowookere About $483.4 million has been set aside by the Federal Government to service foreign loans used for various critical developmental projects in the country. In its annual report, the Debt Management Office (DMO) explained that this amount would be used over a 10-year period, between 2017 and 2026. According to the debt office, the Federal Government will begin repayments from 2018 when the foreign debts begin to mature. In 2011, Nigeria issued a debut Eurobond with a follow up tranche in 2013 and between February and March, Eurobond worth $1.5 billion due in 2032 was issued. The

By Investors Hub Major US index futures are pointing to a lower opening on Thursday following the upward trend seen over the past several sessions. Profit taking may contribute to early weakness on Wall Street after the major averages once again climbed to new record closing highs in the previous session. A negative reaction to the latest batch of earnings news may inspire traders to cash in on the recent strength in the markets. While a jump by shares of IBM (IBM) contributed to a notable advance by the Dow, the broader Nasdaq and S&P 500 spent much of the

By Investors Hub European stocks are turning in a mixed performance as investors turn their attention to a monetary policy announcement from the Federal Reserve due later in the day. No change in the Fed rate is expected, but traders will be looking for clues as to whether there will be a December rate hike. While the U.K.?s FTSE 100 Index has risen by 0.4 percent, the French CAC 40 Index is just below the unchanged line and the German DAX Index is down by 0.1 percent. British drugmaker Hikma Pharmaceuticals has jumped after raising full-year revenue expectations for its

Forex trading has a certain appeal to people who would like to be their own boss and work at flexible hours. In the past, the market was restricted to big companies; however, the internet made it possible for everyone to trade currencies. Although some people might call it an easy way to make a living, it is a huge risk, especially if you are trading a lot of cash. If you are a risk-taker and want to participate, read on for some tips on how to start making a living trading forex. Trading forex Before jumping into the market, you

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has taken delivery of brand-new mass transit boats as part of efforts to check opportunities present in the blue economy. The Director-General of NIMASA, Mr Bashir Jamoh, in his official Twitter handle on Tuesday, said: “We are practising what we preach. Our deliberate policy of NIMASA staff commuting to work by water transport will soon be in effect.” “The agency’s presence and brand will become ever-dominant in our waters. “Players, operators and stakeholders will be able to engage with us more directly and with real-time experience and value. “Glad

By Modupe Gbadeyanka The Nigerian government, in a bid to curb leakages and ensure efficiency in the management of its resources, has directed that henceforth, all Ministers, Permanent Secretaries, Chairmen of Extra-Ministerial Departments, Chief Executive Officers and Directors are restricted to not more than two foreign travels in a quarter for highly essential statutory engagements that are beneficial to interest of the nation. This directive was approved by President Muhammadu Buhari as part of additional cost saving measures aimed at instilling financial discipline and prudence, particularly, in the area of official travels. In a statement issued on Wednesday, it was